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info@drwerner.com
Bank Account Opening
We facilitate the bank account opening process by guiding you through the bureaucratic challenges and offering efficient solutions for your financial needs.
Malta’s economy has grown significantly in recent years, primarily because of the influx of foreign professionals and foreign companies. This has led to a sudden increase in the demand for banks to support and finance the opportunities created in the local financial sector. In fact, Malta is considered an international banking centre and is valued as highly as other countries in the Mediterranean. Here in Malta, there are 26 operating banks, each of them can provide domestic financing within the market and loans to local or foreign individuals and companies in Malta. Malta has effectively integrated into the pan-European system, particularly with regards to transaction processing and the usage of the Euro in ATMs. Therefore, anyone with an account with a European Bank does not have to open another bank account with one of the local banks, even if one intends to become a resident of Malta. Contrarily, if you want to take out a local mortgage, then a Maltese bank account is required. An entrepreneur looking to start a business in Malta will find banking services suitable for their business, which can be customised according to the needs of their business. Many local banks offer a convenient and comprehensive banking experience through their wide range of products, services, and expertise. Products and services offered to both retail and corporate customers range from business checking accounts, savings accounts, time deposits, lines of credit, overdrafts, debit/credit cards, trade finance, foreign currency accounts, foreign exchange services, direct lending, Internet banking, cash letters of credit, chequebooks, and ATMs.
However, due to increasingly strict regulations in the banking industry, opening a bank account in Malta has become a time-consuming and complicated affair. Furthermore, many local banks are going through a de-risking process of risk reduction, which is detrimental to companies and individuals operating in Malta. Banking is an essential part of any organisation. Without a bank account, a company cannot continue its daily operations.
Our bank account opening services at DW&P Dr. Werner & Partner are ideal for companies, entrepreneurs, and individuals who want to do business in Malta. Those who particularly benefit from our services:
With our services, you can ensure that your banking matters are handled efficiently and professionally, allowing you to focus on your core business.
Here at DW&P Dr. Werner & Partner, we can help you find the right banking partner through our expertise and excellent relationships with both local and foreign banks. We aim to make the process easier for you and offer a customized solution. Through our comprehensive and ongoing service, you can be confident that all banking matters are in safe hands. At DW&P Dr. Werner & Partner, once you have been identified and verified by our professional compliance team and the company is established, you will receive all the information regarding your banking requirements. This information includes:
Having employees who have worked in the banking sector makes it easier to understand what is needed from the bank’s perspective. On our side, we always stay updated on new regulations and are in constant contact with banks, where we are already recognized service providers in customer mediation, to keep up with new bank requirements. This also helps us better assess the risk appetite of various institutions and reduce delays in opening bank accounts for you.
Due to the increasing number of compliance regulations that must be met, the process is becoming increasingly tedious and lengthy. Nevertheless, we have always found a way to help clients successfully open a bank account.
If a company wants to open a corporate bank account, the following documents are necessary: A copy of the company’s incorporation documents, such as registration certificate, memorandum & articles of association, and share register, is required, and there are cases where a “Certificate of Good Standing” and a “Certificate of Incumbency” are required.If a company wants to open a corporate bank account, the following documents are necessary: A copy of the company’s incorporation documents, such as registration certificate, memorandum & articles of association, and share register, is required, is required, and there are cases where a “Certificate of Good Standing” and a “Certificate of Incumbency” are required. A copy of the passport or ID card for each director, shareholder, beneficial owner, and authorised signatories A bank reference for each director and beneficial owner of the company A utility bill or bank statement as proof of address for directors, shareholders, beneficial owners, and authorised signatories. Evidence to support the financial statement of the beneficial owner, such as payslips from previous employment, bank statements, etc.
Generally, opening a local bank account takes between six and eight weeks, and there are cases where the process takes about three months, depending on the institution and the complexity of the approach.
Yes, of course, we can help you choose a quick solution to start the company’s trading activities. We have good relationships with Electronic Money Institutions (EMIs) both locally and abroad, where it would be possible to open an account within a few days.
Yes, certainly. We always suggest that a company should have at least two operational accounts with two different institutions.
From our side, we ensure that we introduce our clients to local banks that fall under the Depositor Compensation Scheme. The Depositor Compensation Scheme is a safety net for depositors of failed banks licenced by the Malta Financial Services Authority (MFSA). The Depositor Compensation Scheme has a cap of 100,000 euros per investor.
Analysis of your specific banking requirements and comprehensive advice.
Providing a list of suitable banks and payment service providers.
Mediation between you and the bank of your choice.
Assistance in collecting and preparing all necessary due diligence documents.
Ensuring timely account opening to avoid delays.
Utilizing our close relationships with local and foreign banks for a smooth process.
Senior New Business Manager
Horst Wickinghoff
Banking Manager
Wilfred Sammut
Always free of charge.
DW&P Dr. Werner & Partners. One of leading tax & law firms in Malta.
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Corporate Services at DW&P Dr. Werner & Partners are provided by DW&P Services Ltd. (C 103208) which is regulated by the MFSA and is licensed under Authorised Person ID: DSER-23577 to carry out the activities of a Class C CSP in terms of the Company Services Providers Act (Cap. 529 of the Laws of Malta).
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